Reminder: Although the initial cost of buying furniture and furnishing a rental property is not tax deductible, do keep all the receipts; because just in case you are going to replace the old furniture in future, then the replacement costs are tax deductible for your rental income.
Click here to read more important tips from my previous post on similar topic.
What if I want to sell my fully furnished property next time and I still keep all the receipts properly, will that create a little bit more selling points for potential buyer? Can the new buyer claim for tax reduction when he replace the furniture?
Other than that, don’t forget that the quit rent, assessment fees, management fees, loan interest are tax deductible, too.